Bank Foreclosures Climb
In most areas, renters think that this is a perfect time to try out buying homes. The recent housing reports reveal that greater numbers of tenants are buying the properties after renting them and then getting behind due to dropping home prices including foreclosure homes of Citibank.
Foreclosures Continue
The prices and sales of residential properties continue to slide downwards for the second successive month in November 2010, due to the impact of the enormous supplies of foreclosed properties. Before this decline, during the summer months this year, the industry was reported to show signs of worsening.
Freddie Mac Has Huge Bulk Surplus Of Foreclosures
Some places have implemented a workout conference, which is meant for potential foreclosure house owners and those who are about to lose their residential properties to bank foreclosures and Freddie Mac houses offered for sale. This conference would enable these distressed homeowners to find a company to assist them in getting Mortgage Help And Assistance.
Foreclosure Auction
In the United States the Government has issued a letter to Wells Fargo & Co. relating to the procedure the banks follow while selling foreclosure auctioned properties. The bank announced that it will resend some affidavits in regard to the foreclosure cases taking place in 2008. Not much, considering they have foreclosed on 2,000,000 homes.
Mortgage Crisis
It may be a little difficult to guess who owns your loan. The introduction of an electronic filing system by the banks further confirms fact that the Local Recorder of the Deeds Office may not have an answer to all your queries. Going Robotic doesn't seem to be the answer to these personal problems that individual people experience.
Foreclosures climb 9%
The number of houses that are possessed once again by the lenders has undergone a climb in the US by a good margin this year. This is perhaps due to the fact that a number of lenders have engorged themselves in repossession of the houses or properties on the chopping block.
Foreclosure Trouble Stirs
The incomplete 50-storeyed glass tower of the East 22nd Street in the Manhattan Park has made it to the headline once again as it is in the way of getting a new developer. Those known to be involved in a major casino development, are now trying to get the property out of foreclosure and the building back on track.
Builder Sways Away From Chase
Texas and Austin, along with foreclosure listings of JP Morgan, show a high rate of bank foreclosed homes. House builders do not believe that in 2011, residential construction market in the city will show an improvement. Builders have pointed out that Central Texas has recorded an extraordinary number of foreclosures on previous investment opportunities.
Foreclosure Sting
Since the real estate fizz exploded in 2007, the foreclosures have become an unfortunate truth for the communities of the US. According to the study conducted by the News with information given by The Group in the year 2010, the foreclosed houses seem to be sitting vacant for longer and longer periods as the number of homes continues to climb.
Record Pace For Foreclosures
Foreclosures filings are about to hit the record of last year by this month’s end only with one State set to break the all-time mark very soon. According to the compiled foreclosure records of the progressive study and advocacy group, the CA Justice Center, the number of foreclosure in the State throughout September were at a record high.
Tired, apparently, of stealing American tax-dollars the nation’s banksters have moved on to stealing American’s homes. Through forgery, fraud and “foreclosure factories” banks across the nation may have been illegally seizing homes. As reports flow in, several states have now taken the drastic action of blocking all foreclosure proceedings by prominent lenders,
ReplyDeleteJudges ordered Investors and Servicers to halt home foreclosures in some states, following similar actions by other states.
In a letter to the company dated Monday, lawyers for the company’s mortgage unit made claims about unpaid loan balances and ownership of the mortgage that are in question after the company admitted last week that some documents contained “important but technical defect.”…
States have also asked mortgage units to halt foreclosures, while, States are investigating the company’s lending practices.
Things have gotten so bad that Company's are now freezing some foreclosures,
One of the nation’s leading banks, announced that it will freeze foreclosures in about half the country because of flawed paperwork, a move that Wall Street analysts said will pressure the rest of the industry to follow suit.
It may prove to be just the tip of the proverbial iceberg,
Officials at a credit-rating firm that measures the health of companies, said the “defects” found in foreclosure documents are industry-wide. Underscoring that concern, credit reporting agencies must be considering whether to lower the grades it gives to the mortgage servicing divisions of the nation’s largest lenders.
“Over the next few weeks, we expect to see more and more companies come out with similar announcements,” said a managing director.
What spurred such drastic action? The stories began to trickle out last week,the nation’s banks seemed to be running veritable foreclosure factories where bank workers diligently approved thousands of foreclosures without a modicum of professional or ethical standards. How else to explain a foreclosure on a house which had no mortgage which was reported last week,
ReplyDeleteWhen the homeowner bought his modest home in December, he paid cash. But seven months later, he was surprised to learn that Bank of America had foreclosed on the house, even though he did not have a mortgage.
He knew nothing about the foreclosure until July, when he learned that the title to his home had been transferred to a government-backed lender.
The factories are being driven by so called “robo-signers” – mortgage company employees who’s only job is to verify the authenticity of foreclosure documents. The worst of these robo-signers are alleged to have processed 100,000 documents a month, or about 30 seconds per case.
Homeowners are beginning to fight back. Again the vast majority of families facing foreclosure do not fight their lenders. But that may change as a growing number of homeowners are contending in lawsuits that the process appears so flawed that they have the right to challenge their cases, even as they admit to missing payments.
Economists say such a trend threatens to overwhelm an overburdened legal system struggling to handle the aftermath of the housing collapse, as well as delay a correction in home values that the real estate market desperately needs to return to normalcy.
Legal experts say many homeowners may have legitimate cases, and even lenders in some instances are withdrawing foreclosure documents for fear that they might not hold up if challenged.
While states and individual homeowners are fighting back the Obama administration has created a loan modification program that is actually designed to protect the banksters and their profits, not vulnerable homeowners. Experts who explore the program through the eyes of homeowners in a must read series, offers the following background,
The Treasury Department has shifted their thinking on HAMP, their tentpole foreclosure mitigation program. Despite initial estimates of the program being able to keep 3 million people in their homes (to date, just 400,000 have been approved for a permanent loan modification, with only .1% of those actually getting the kind of principal reduction that can really make a difference), Treasury now says that the goal was to delay foreclosures so the market could better absorb the glut of vacant homes, and prices would remain somewhat stable. Treasury claims they couldn’t justify spending the amount necessary to keep borrowers in their homes; however, just $250 million of an earmarked $75 billion has been spent on the program, according to the Special Inspector General for TARP ($50 billion of the $75 billion for HAMP is supposed to come from TARP, with the rest from Fannie and Freddie).
What doesn’t get discussed in this reading is the human face behind the statistics, those whose foreclosures were merely delayed and who now wait for the day when their lender evicts them. For them, HAMP has turned their lives upside down, and in some cases accelerated their problems rather than mitigated them.
It is really no wonder that the mortgage lenders believe they can get away with taking homes based on forged, fraudulent and even non-existent documents when Treasury makes it clear that protecting bankster bottom-line’s is the real priority.
What doesn’t get discussed in this reading is the human face behind the statistics, those whose foreclosures were merely delayed and who now wait for the day when their lender evicts them. For them, HAMP has turned their lives upside down, and in some cases accelerated their problems rather than mitigated them.
ReplyDeleteIt is really no wonder that the mortgage lenders believe they can get away with taking homes based on forged, fraudulent and even non-existent documents when Treasury makes it clear that protecting bankster bottom-line’s is the real priority.